Group 1: Company Growth Potential - The company sees significant growth opportunities in high-end storage markets, despite challenges in the mid-to-low end market due to homogenized competition [2] - The company has launched three self-developed main control chips for eMMC, SD cards, and automotive-grade USB products, with cumulative applications exceeding 30 million units [3] - The UFS 4.1 products, equipped with self-developed main control chips, have achieved sequential read/write speeds of 4350MB/s and 4200MB/s, and random read/write speeds of 630K IOPS and 750K IOPS, outperforming mainstream market products [3] Group 2: Innovation and Market Strategy - The company is actively promoting innovative business models such as TCM (Technology Contract Manufacturing) and PTM (Product Technology Manufacturing) to leverage its technological and manufacturing advantages [3] - The acquisition of a stake in Brazilian storage manufacturer Zilia enhances the company's overseas market expansion, utilizing Zilia's resources and capabilities to penetrate the global market [4] - The company has established a research and development team of over 1,000 personnel, focusing on storage chip design, main control chip design, and firmware algorithm development [5] Group 3: Product Development and Market Trends - The company’s UFS products are being widely adopted by major clients in the smart terminal market, indicating a strong market position [5] - The transition from eMMC to UFS is expected to continue, driven by the increasing demand for diverse and customized storage solutions in smart devices [6] - The company is positioned to benefit from the growing demand for high-performance computing and storage hardware, particularly in AI applications [9] Group 4: Financial Outlook and Cash Flow Management - The company anticipates a gradual improvement in supply-demand dynamics, leading to a price recovery trend in the storage industry by 2025 [9] - Measures to improve cash flow include optimizing payment terms with suppliers and employing various financial strategies to stabilize liquidity [10] - The self-developed main control chips are expected to see significant growth in shipment volume in 2025, contributing to the company's revenue [10]

Core Viewpoint - The company reported strong revenue and profit growth for 2024, despite challenges in the consumer electronics market and declining storage prices [1][2][4]. Group 1: Financial Performance - In 2024, the company achieved revenue of 17.464 billion yuan, a year-on-year increase of 72.5%, and a net profit attributable to shareholders of 499 million yuan, up 160.2% year-on-year [1]. - The fourth quarter of 2024 saw revenue of 4.195 billion yuan, a year-on-year increase of 18.3%, but a quarter-on-quarter decline of 0.8% [1]. - The company’s non-recurring net profit in 2024 was 167 million yuan, reflecting a year-on-year increase of 118.9% [1]. Group 2: Market Trends - The demand recovery for mobile phones and PCs has been slow, leading to inventory digestion in the industry and downward pressure on storage prices [1][2]. - The embedded storage business grew by 90% year-on-year, accounting for 48.2% of total revenue [2]. - The company’s enterprise storage business saw significant growth, with revenue reaching 922 million yuan, a year-on-year increase of 666.3% [2]. Group 3: Future Outlook - In 2025, storage prices are expected to rebound in the second half of the year, driven by supply control from manufacturers and AI integration [3]. - The company is well-positioned to benefit from increased capital expenditures in data centers by major clients like ByteDance and Alibaba, enhancing its enterprise product offerings [3]. - The integration of Zilia is progressing well, improving operational efficiency and expanding the company’s presence in the South American market [3]. Group 4: Investment Recommendations - The company is projected to achieve revenues of 22.76 billion yuan, 26.70 billion yuan, and 29.57 billion yuan for 2025-2027, with net profits of 669 million yuan, 1.096 billion yuan, and 1.268 billion yuan respectively [4]. - The target price for the company is set at 125.8 yuan, reflecting a price-to-sales ratio of 2.3x for 2025 [4].

Group 1 - The company reported a revenue of 17.464 billion yuan in 2024, representing a year-on-year increase of 72.48%, and a net profit attributable to shareholders of 499 million yuan, up 160.24% year-on-year [1] - In Q4 2024, the revenue was 4.195 billion yuan, showing a year-on-year growth of 18.3%, but a quarter-on-quarter decline of 0.8%, with a gross margin of 11.17%, down 6.2 percentage points [1] - The global storage market is entering a strong upward cycle from H2 2023 to H1 2024, but the consumer storage market is expected to face significant pressure in H2 2024 due to inventory digestion [1] Group 2 - The company owns three major storage brands: FORESEE, Zilia, and Lexar, making it the second-largest independent storage company globally and the largest in China [2] - Zilia's sales revenue reached 2.312 billion yuan in 2024, a year-on-year increase of 120.15%, while Lexar's global sales revenue hit 3.525 billion yuan, setting a new record [2] - The enterprise storage segment saw rapid growth, with a revenue of 291 million yuan in the first half of 2024, up over 2000% year-on-year, and an expected full-year revenue of 922 million yuan, up 666.30% [2] Group 3 - The company has successfully shipped over 50 million SLC NAND chips in 2023 and exceeded 100 million cumulative shipments of self-developed storage chips in 2024 [3] - Cumulative shipments of self-developed main control chips surpassed 30 million, with significant applications in high-end eMMC and storage cards [3] - The profit forecast for 2025 and 2026 has been revised down, with net profit estimates adjusted from 985 million and 1.378 billion yuan to 614 million and 783 million yuan, respectively [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has achieved significant milestones in self-developed storage controllers, with cumulative shipments exceeding 30 million units, and is experiencing rapid growth in enterprise storage [1][9] - The company is positioned as the second-largest independent storage manufacturer globally and the largest in China, with notable brand performance across various segments [9] - The financial outlook has been adjusted downward, with net profit forecasts for 2025 and 2026 revised to 614 million and 783 million respectively, while maintaining a "Buy" rating due to strong market positioning [9] Financial Data and Profit Forecast - Total revenue is projected to grow from 10,125 million in 2023 to 25,025 million by 2027, with a compound annual growth rate (CAGR) of approximately 21.6% [8][11] - The company is expected to turn profitable in 2024 with a net profit of 499 million, increasing to 1,120 million by 2027, reflecting a significant recovery from previous losses [8][11] - The gross margin is anticipated to stabilize around 16.8% by 2027, with a return on equity (ROE) projected to reach 13% [8][11] Market and Product Insights - The enterprise storage segment has shown remarkable growth, with revenue increasing over 2000% year-on-year in the first half of 2024 [9] - The company has successfully launched automotive-grade storage products, indicating diversification into new markets [9] - The self-developed SLC/MLC NAND Flash products have seen substantial shipment volumes, with over 100 million units shipped by 2024 [9]

港股IPO周报：机器人制造商云迹科技递表 存储器 厂商江波龙拟"A+H"上市 财务方面，于2022年、2023年、2024年，卓正医疗收入分别约为4.73亿元、6.9亿元、9.59亿元人民币； 年内利润分别约为-2.22亿元、-3.53亿元、8022.7万元人民币。 先看递表，本周有4家公司递表： 2）3月21日，奥联服务集团股份有限公司向港交所主板提交上市申请，农银国际为其独家保荐人。 招股书显示，奥联服务是一家独立的商企和城市空间服务及社区生活服务提供商，业务主要集中在中国 广东省。根据中指院的资料，按总收入及净利润计，公司在2024年中国百强独立物业管理服务提供商中 排名第16位及第11位。 财务方面，于2022年、2023年、2024年，奥联服务收入分别约为3.42亿元、4.31亿元、4.75亿元人民 币；年内利润分别约为2741万元、3424万元、4463万元人民币。 截至发稿，本周 (3 月 17 日 -3 月 23 日 ) ，有 4 家公司递表，未有公司通过聆讯，另有 4 家公司招股及一支新股 上市。 1）3月18日，卓正医疗控股有限公司向港交所主板提交上市申请，海通国际和浦银国际为其联席保荐 ...

江波龙(301308.SZ)港股IPO背后：2024年净利润由 盈转亏，营收逐季降速 近日，深圳市江波龙电子股份有限公司 Shenzhen Longsys Electronics Co., Ltd.(下称"江波龙)在港交 所递交招股书，拟在香港主板上市，联席保荐人为花旗和中信证券。 据了解，早在2024年12月18日，江波龙(301308.SZ)就曾发布公告表示，拟发行境外上市外资股（H 股）股票并申请在香港联合交易所有限公司主板挂牌上市。今年1月3日，江波龙召开了2025年第一次临 时股东大会，审议了包括H股发行及在香港联合交易所有限公司上市等议案。 2025年3月21日，江波龙正式向港交所提交了上市申请书，如果上市成功，江波龙也将成为首家在 A+H股两地上市的存储厂商。 在盈利能力上，公司受到市场变化的影响非常大。2022年至2024年，公司毛利率分别为12%、 4%、19%。2024年公司经营活动现金流-12亿元，已经连续三年为负数。 根据灼识咨询的资料显示，以存储产品的收入计，江波龙是2023年全球第二大独立存储器厂商及中 国最大独立存储器厂商，其中以B2B存储产品收入计，公司的FORESEE品牌在2 ...

Core Viewpoint - The company has shown significant growth in revenue and net profit for the year 2024, driven by strong performance in embedded storage and enterprise-level SSDs, indicating a positive outlook for future growth cycles [1][2][4]. Financial Performance - In 2024, the company's revenue reached 17.464 billion yuan, a year-on-year increase of 72.5%, with a net profit of 499 million yuan, up 160% year-on-year, and a non-net profit of 167 million yuan, up 120% year-on-year [1]. - The gross margin for 2024 was 19.05%, an increase of 10.86 percentage points year-on-year, while the net margin was 2.89%, up 11.16 percentage points year-on-year [1]. Business Segments - The embedded storage segment generated 8.425 billion yuan in revenue, accounting for 48% of total revenue, with a year-on-year growth of 90.5% and a gross margin of 17.45% [2]. - The solid-state drive (SSD) segment contributed 4.147 billion yuan, representing 24% of total revenue, with a year-on-year increase of 48% and a gross margin of 15.93% [2]. - The enterprise-level storage business (eSSD + RDIMM) saw revenue of 922 million yuan, a staggering year-on-year increase of 666.3%, with the second half of 2024 showing a 116.8% increase compared to the first half [4]. Product Development - The company successfully taped out its first batch of UFS self-developed main control chips in 2024, with expectations to enter the high-end smart terminal market in 2025 [5]. - The Lexar product line achieved a revenue of 3.525 billion yuan, continuing its growth trend and setting new records [3]. Market Outlook - The global AIGC wave and the "Digital China" initiative are expected to provide new growth momentum for the storage market, positioning the company as a leading independent storage manufacturer in China [6]. - The company is projected to achieve net profits of 986 million yuan, 1.617 billion yuan, and 2.012 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 43, 27, and 21 [6].

江波龙递表港交所拟"A+H"上市：市值415亿元， 2024年净利大涨160% 瑞财经 王敏 3月21日，据港交所官网，A股创业板公司深圳市江波龙电子股份有限公司（以下简称"江 波龙"）向港交所递交招股书，联席保荐人为花旗和中信证券。 | 最高:102.00 | 今开:102.00 | 涨停:123.44 | | --- | --- | --- | | 图纸: 97.88 | 昨收:102.87 | 跌停:82.30 | | 0手:8.25% | 盘后量:10手 | 量比: 1.23 | | 長幅:4.01% | 盘后额:9.97万 | 委比: -34.35% | | 布盈率(动): 83.18 | 市盈率(TM): 83.18 | 每股收益:1.20 | | 市盈率(静): 83.18 | 市净率:6.41 | 每股净资产:15.55 | | 品股本:4.16亿 | 52周景高: 116.60 | 品押率:一 | | 流通股:1.16亿 | 52周最低:60.43 | 商誉/净资产:12.28% | | 中册制:晨 | VIF20 · 否 | 货币单位:CNY | 截至3月21日A股收盘，江波龙股价报99. ...

Core Viewpoint - Jiangbolong reported significant growth in both revenue and net profit for the year 2024, driven by strong performance in key business segments and advancements in self-developed chips [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 17.464 billion yuan, a year-on-year increase of 72.48% [1]. - Net profit attributable to shareholders reached 499 million yuan, up 160.24% year-on-year [1]. - The net profit excluding non-recurring gains and losses was 167 million yuan, reflecting a growth of 118.88% [1]. Group 2: Business Segments - Embedded storage, solid-state drives, mobile storage, and memory bar businesses all experienced growth during the reporting period [1]. - The enterprise-level storage business saw significant growth, with revenue reaching 922 million yuan, a remarkable increase of 666.30% [2]. - The Brazilian subsidiary Zilia reported sales revenue of 2.312 billion yuan, up 120.15% year-on-year [2]. - The Lexar brand achieved record global sales revenue of 3.525 billion yuan [2]. Group 3: Technological Advancements - The company successfully designed and taped out its first batch of self-developed UFS main control chips (WM7400, WM7300, WM7200) [2]. - A total of over 30 million units of three self-developed main control chips (WM6000, WM5000, WM3000) have been applied independently [2]. - The UFS storage products are expected to penetrate the high-end smart terminal market, with significant growth anticipated in 2025 [2]. Group 4: Automotive Sector - The company’s automotive-grade UFS2.1 products have completed validation with multiple automotive clients and have begun mass production [3]. - The second-generation automotive-grade UFS3.1 products have completed design and validation, with samples sent to key long-term automotive clients for verification [3]. - The company is enhancing its competitiveness and technical strength in the automotive storage market, positioning itself to seize opportunities in automotive intelligence development [3].

证券代码：301308 证券简称：江波龙 公告编号：2025-024 深圳市江波龙电子股份有限公司 关于召开 2024 年度业绩说明会的公告 二、召开时间、方式及地点 （一）会议召开时间：2025 年 3 月 25 日（星期二）15:00-16:30 （二）会议召开方式及地点：本次业绩说明会将采用网络语音直播的方式召开， 投资者可在上述时间登录价值在线（www.ir-online.cn）参与本次业绩说明会。 三、出席人员 董事长、总经理：蔡华波先生 独立董事：陈伟岳先生 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 重要内容提示： 一、业绩说明会类型 深圳市江波龙电子股份有限公司（以下简称"公司"）已于 2025 年 3 月 21 日披 露了公司 2024 年年度报告，为便于广大投资者更加全面了解公司 2024 年度的经营情 况，公司定于 2025 年 3 月 25 日（星期二）15:00-16:30 在"价值在线"平台举办 2024 年度业绩说明会。 副总经理、财务负责人：朱宇先生 会议召开时间：2025 年 3 月 25 日（星期二）15:00-16:3 ...